Derivatives |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
| Derivatives | NOTE 15—DERIVATIVES: Diesel Price Risk Management Positions The Company may sell or purchase forward contracts, swaps and options in the over-the-counter diesel market in order to manage its exposure to diesel prices. The Company has exposure to the risk of fluctuating diesel prices related to the amount of diesel fuel consumed during its operations. As of June 30, 2026 and December 31, 2025, the Company held diesel-related financial contracts to buy an aggregate notional volume of 1.2 million gallons and 3.6 million gallons, respectively, which will be settled throughout 2026. The Company has master netting agreements with all of its counterparties that allow for the settlement of contracts in an asset position with contracts in a liability position in the event of default or termination. Such netting arrangements reduce the Company's credit exposure related to these counterparties to the extent the Company has any liability to such counterparties. For classification purposes, the Company records the net fair value of all the positions with a given counterparty as a net asset or liability in the Condensed Consolidated Balance Sheets. At June 30, 2026 and December 31, 2025, the net fair value of derivatives was $1,114 and $345, respectively, which were included in Other Current Assets in the accompanying Condensed Consolidated Balance Sheets. The Company did not apply cash flow hedge accounting treatment for its commodity derivative financial instruments; therefore, changes in fair value, including accruals for cash payments and unrealized and realized gains and losses, are reflected in current earnings. During the three and six months ended June 30, 2026, the Company recorded changes in fair value totaling net gains of $111 and $3,276, respectively, in Other Operating Income and Expense, net on the accompanying Condensed Consolidated Statements of Income (Loss). The Company classifies the cash effects of its derivatives within the Cash Flows from Operating Activities section of the Condensed Consolidated Statements of Cash Flows.
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